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RECORDING REQUESTED BY <br /> AND WHEN RECORDED MAIL TO: <br /> Redevelopment Agency of the City of <br /> San Leandro <br /> 835 East 14`" Street <br /> San Leandro, CA 94577 <br /> Attention Executive Director <br /> EXEMPT FROM RECORDING FEES PER <br /> GOVERNMENT CODE § §6103, 27383 <br /> Space above this line for Recorder's use <br /> DEED OF TRUST, ASSIGNMENT OF RENTS, <br /> SECURITY AGREEMENT AND FIXTURE FILING <br /> THIS DEED OF TRUST, ASSIGNMENT OF RENTS, SECURITY AGREEMENT <br /> AND FIXTURE FILING ( "Deed of Trust ") is made as of , 2011, by <br /> Las Palmas Development Partners a California limited partnership ( "Trustor ") to <br /> Title Company as trustee ( "Trustee "), for the benefit of the <br /> Redevelopment Agency of the City of San Leandro, a public body corporate and politic <br /> ( "Beneficiary"). <br /> RECITALS <br /> A. Trustor owns fee simple title to the property located in the City of San <br /> Leandro at 15370 -15375 Tropic Court and more particularly described in Exhibit A <br /> attached hereto and incorporated herein by this reference (the "Land "). The Land is <br /> located within the Redevelopment Project Area (the "Project <br /> Area "). Trustor operates a multi - family residential project on the Property (the <br /> "Project "). <br /> B. Pursuant to that certain Affordable Housing Loan Agreement dated as of <br /> the date hereof and executed by and between Trustor and Beneficiary (the "Loan <br /> Agreement "), Beneficiary has provided a loan to Trustor in the amount of Fifty <br /> Thousand Dollars ($50,000) (the "Loan ") to assist in financing certain expenses <br /> incurred in connection with the management and operation of the Project. In <br /> consideration for the Loan, Trustor has executed an Affordable Housing Regulatory <br /> Agreement and Declaration of Restrictive Covenants (the "Regulatory Agreement ") <br /> pursuant to which five (5) units in the Project are restricted for occupancy at affordable <br /> rents to very low- income households for a term of fifty -five (55) years. The Regulatory <br /> Agreement will be recorded substantially concurrently herewith. Trustor has issued to <br /> Beneficiary a secured promissory note dated as of the date hereof (the "Note ") to <br /> evidence Trustor's obligation to repay the Loan. <br /> C. As a condition precedent to the making of the Loan, Beneficiary has <br /> required that Trustor enter into this Deed of Trust and grant to Trustee for the benefit of <br /> 1582131.2 1 <br />